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QNB says $3.5bn rights offer to boost core capital

Qatar National Bank, the country's biggest bank by assets, has said its planned $3.5bn rights offer aims to boost its core capital as the firm seeks to become the top Gulf lender in the next five years, Bloomberg has reported. "We are currently ranked No 2 in profitability within the region, No 3 in terms of assets, top five in terms of loans and deposits, but if you look at equity we are around No 8 or 9 and if you look at capital adequacy ratios we are more than 20," chief financial officer Ramzi Mari said.